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Terms of Sale | PAYOMATIC

Terms of Sale

Last Updated: September 21 st, 2018

The Website www.payomatic.com is provided to you by The Pay-O-Matic Corporation ( "Company", "we" or "us"). These Terms of Sale apply to all transactions on our Website, and through the use of our mobile application. By using the mobile application you also agree to be bound by the Mobile Application End User License Agreement ( "Mobile EULA"). By using our Website, you also agree to be bound by the Terms of Use.

All capitalized terms used but not defined in these Terms of Sale shall have the meanings given to them in the Mobile EULA (if using our Mobile application) or the Terms of Use (if using our Website), as applicable.

Certain Services Licensed

Company is licensed to provide check cashing services by the New York State Department of Financial Services. If you have inquiries or complaints, please call the New York State Department of Financial Services toll free number 877-226-5697.

You may also write to:

       New York State Department of Financial Services
       c/o Consumer Services Division
       1 State Street
       New York, NY 10004

Online Transactions

Our affiliate, Pay-O-Matic Check Cashing Corp., processes your transactions. Pay-O-Matic Check Cashing Corp. is licensed and regulated by the New York State Department of Financial Services and is an independent authorized Money Transmission Agent for the following Money Transmitter companies, which are also licensed and regulated by the New York State Department of Financial Services, located at 1 State Street, New York, NY 10004.

Complaints/Questions: 800-634-1311
12500 East Belford Ave, Englewood, CO 80112

Complaints/Questions: 888-545-6311
160 Oak Dr, Syosset, NY 11791
Services: Prepaid Debit Card, Bill Payments

Please note the following with respect to online transactions

Utility bill payments are not considered paid until received by the utility company.

In the case of the transfer of funds, the persons receiving funds may not be charged any fee by Company.

Any unresolved consumer complaints may be mailed to:

       New York State Department of Financial Services
       c/o Consumer Services Division
       1 State Street
       New York, NY 10004

Please include the information below in your complaint. For your convenience we provide an online directory of New York State Department of Financial Services license numbers for Company stores.

Below is a sample for your reference:

Agent Name: Pay-O-Matic Check Cashing Corp.
Location Name: Pay-O-Matic #101
Address: 106 Nassau Avenue, Brooklyn, NY 11222
DFS003 (100117)

Returned Check Policy

You will be charged a $30 fee for each returned check.

Refund Policy

All products and services provided by Company are final. Refunds or exchanges are not accepted.

Lottery Payout Policy

Lottery transactions/ winnings over $200.00 will be paid via a money order.

Cashing Forged Checks is Illegal

Please be advised that any person who knowingly cashes forged checks will be prosecuted pursuant to article 170 of the New York penal law.

Currency Transaction Reports - Notice to Customers

Federal law requires financial institutions to report currency (cash or coin) transactions over $10,000 conducted by, or on behalf of, one person, as well as multiple currency transactions that aggregate to be over $10,000 in a single day. These transactions are reported on Currency Transaction Reports (“CTRs”). The federal law requiring these reports was passed to safeguard the financial industry from threats posed by money laundering and other financial crime. To comply with this law, financial institutions must obtain personal identification information about the individual conducting the transaction such as a Social Security number as well as a driver’s license or other government issued document. This requirement applies whether the individual conducting the transaction has an account relationship with the institution or not.

There is no general prohibition against handling large amounts of currency and the filing of a CTR is required regardless of the reasons for the currency transaction. The financial institution collects this information in a manner consistent with a customer’s right to financial privacy.

Based on the above legal requirements, we will collect and transmit to federal regulators any information pertaining to you, as required by law, if your transactions meet any of the above requirements.

Note that you cannot break up your transactions into smaller chunks to avoid this reporting requirement. This is called “structuring.” Federal law makes it a crime to break up transactions into smaller amounts for the purpose of evading the CTR reporting requirement and this may lead to a required disclosure from Company to the government. Structuring transactions to prevent a CTR from being reported can result in imprisonment for not more than five years and/or a fine of up to $250,000. If structuring involves more than $100,000 in a twelve month period or is performed while violating another law of the United States, the penalty is doubled.

The following scenarios are examples of structured transactions

  1. John has $15,000 in cash he obtained from selling his truck. John knows that if he deposits $15,000 in cash, his financial institution will be required to file a CTR. John instead deposits $7,500 in cash in the morning with one financial institution employee and comes back to the financial institution later in the day to another employee to deposit the remaining $7,500, hoping to evade the CTR reporting requirement.
  2. Jane needs $18,000 in cash to pay for supplies for her wood-carving business. Jane cashes a $9,000 personal check at a financial institution on a Monday, then cashes another $9,000 personal check at the financial institution the following day. Jane cashed the checks separately and structured the transactions in an attempt to evade the CTR reporting requirement.
  3. A married couple, John and Jane, sell a vehicle for $15,000 in cash. To evade the CTR reporting requirement, John and Jane structure their transactions using different accounts. John deposits $8,000 of that money into his and Jane’s joint account in the morning. Later that day, Jane deposits $1,500 into the joint account, and then $5,500 into her sister’s account, which is later transferred to John and Jane’s joint account.
  4. Bob wants to place $24,000 cash he earned from his illegal activities into the financial system by using a wire transfer. Bob knows his financial institution will file a CTR if he purchases a wire with over $10,000 currency in one day. To evade the CTR reporting requirement, Bob wires the $24,000 by purchasing wires with currency in $6,000 increments over a short period of time, occasionally skipping days in an attempt to prevent the financial institution from filing a CTR.

Check Cashing Fees

The fees we collect for cashing your checks are published in our store and on our Website.